Help Your Children Save

Children very rarely think about long term financial goals. Instead, they are far more likely to want to spend every penny they have on sweets or stickers or the latest fad.

Whilst there may not seem to be any need for children to save money in the short run, even saving the smallest amount from an early age can help them learn how to manage money better in later life. However, getting them to want to save may not be quite so easy.

One of the easiest ways to make saving fun is to give them novelty money boxes. Giving them a money box that is fun and interesting will make them actually want to use it and very soon just saving a small amount of money can show them the great buzz one can get from having financial independence. Saving up for something specific and finally reaching that goal can make even the smallest purchase that much more rewarding and by helping children to have very positive associations to saving from a very early age, they are far more likely to have a sensible attitude towards money in later life.

Of course, childhood is supposed to be fun and trying to get your child to save all their money is likely to distil some of that spontaneity and zest that makes childhood such a wonderful time. Therefore, it is wise to try to get the balance right between making saving money appealing and getting them to enjoy the pocket money they are given.

Having the right novelty money boxes will be a good first step as they will genuinely enjoy using them. However, ensuring they have something appealing and attainable to save up for is also very important so consider what items might be right and prompt them to use the money in their money box for a specific goal, rather than letting them come up with something themselves which may be unattainable or lose appeal very quickly.

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